Jaxx

Jaxx is a cryptocurrency wallet that used to lead the pack when it comes to platform support, overall currencies supported, and ease of use. Since Exodus showed up, however, Jaxx has fallen to second place in most areas, except for platform support.

Jaxx is a cryptocurrency wallet that used to lead the pack when it comes to platform support, overall currencies supported, and ease of use. Since Exodus showed up, however, Jaxx has fallen to second place in most areas, except for platform support.

Sept. 18, 2018Oliver Rist

While none of the cryptocurrency wallets I included in our review roundup are perfect, Jaxx manages to check most of the boxes for which you'll be looking. Overall, it's very similar to Editors' Choice winner Exodus in that both are relatively new, both have innovative user interface (UI) designs, both support a large number of digital currencies primarily via support for ShapeShift, and both are still a little weak on advanced security. Yet Jaxx manages to differentiate from Exodus in two small ways. First, in the number of versions it supports, and second, in the overall fees it charges. However, even with these advantages, Exodus manages to maintain its lead through a better overall UI and a much larger list of supported digital assets. Our other Editors' Choice winner, the much more secure and regulated Coinbase Wallet, really isn't chasing the Jaxx demographic of altcoin speculators.

Pricing and Versions

Like all of the other cryptocurrency wallets I've included in this review roundup, Jaxx makes its software free to use. This means you can download, install, and set up a fully functional account without spending a dime. Where pricing becomes a factor is when you start making cryptocurrency transactions. However, Jaxx ekes ahead of its prime competitor, Exodus, slightly here in that Jaxx lets users adjust their network fees based on transaction speed. Not necessary to make your transaction at a lightning fast pace? Select that option in Jaxx and your transaction verification fee will decrease. There's no such option in Exodus at the time of this writing, so Exodus' fees will necessarily be both static and somewhat higher than those of Jaxx. This won't make a critical difference in your overall net worth, but if you're a busy crypto-investor, then those fees can add up over time.

As mentioned, Jaxx also gets ahead of Exodus in the number of versions it supports. Both cryptocurrency wallets have desktop applications for Apple OS X, Linux, and Microsoft Windows. However, only Jaxx then adds support for mobile devices with dedicated apps for both Android and Apple iOS. There's also a Google Chrome extension, which lets you use Jaxx as a web wallet. Add all of that up and Jaxx has the most available versions of any cryptocurrency wallet I've tested so far.

And the company isn't done. In addition to the Jaxx cryptocurrency wallet I'm reviewing here, Jaxx also has a Liberty beta version available. Currently, this app is available for every platform that the production app supports except for the Chrome extension. This new app sports an updated UI based on a modular dashboard organization, and includes new capabilities in the areas of data visualization, portfolio management, and multi-blockchain network support. To be clear, this review focuses on the production version of Jaxx, not the Liberty beta version.

Using Jaxx

Just like most of the other cryptocurrency wallets I reviewed, installing Jaxx is simply a matter of heading over to the website, choosing a target platform, and downloading the appropriate installation files. I did notice that Exodus, our other desktop contender, provided an app specific to Window 10 whereas the production version of Jaxx has been around long enough to be described as "For Windows 7 or later." Clicking the EXE file kicked off an installation wizard, which, again, similar to Exodus, set up our basic wallet structure before asking for any account creation information. That happens when you specifically select your PIN code and then click the option to back up your wallet. The rest happens only when you do your first transaction, whether that be purchasing or transferring funds from another cryptocurrency wallet.

Setting up a basic cryptocurrency wallet is really just a matter of selecting the cryptocurrencies in which you're interested from the list that Jaxx supplies. Jaxx supports more than 70 digital assets, and just like Exodus, enables easy transfer and exchange between them by using the ShapeShift exchange. You can add or subtract from your list of desired currencies at any time via the Settings menu.

Editor's note: Support for Shapeshift also puts Jaxx in a state of flux at the time of this writing, just like Exodus. That's because Shapeshift just announced it would be switching to a KYC-based platform, meaning it would adhere to banking guidelines designed to combat financial crime. That'll make Shapeshift safer, but also less anonymous. There are other exchanges that retain their anonymous nature, so it's a question as to how Jaxx will react to Shapeshift's new policy. Be sure to do your research here before jumping in.

Back to using Jaxx: The Settings menu contains a host of other tools, too, many of which aren't mirrored on Exodus yet. A big one is device pairing, where you can pair Jaxx wallets between different devices by using your 12-word backup phrase. That's handy if you normally use Jaxx on your desktop but then need to access it on the road with your tablet—something you wouldn't be able to do in Exodus anyway. There are also options to display your keys and passphrase and to transfer funds from a Paper Wallet into Jaxx by using either a scanned Quick Response (QR) code or by typing in your private key.

Overall, Jaxx has a clean design and is one of the easiest apps to use. However, as you can see from the screenshots in the reviews, Jaxx is definitely a cut below Exodus. Not just in terms of looks (though Exodus is definitely a better-looking user interface), but also in terms of innovative features that really do make Exodus a little easier to use, as well as simply in its use of screen real estate. While a button to go into full-screen mode shows up on some Jaxx screens, it's not functional. You're always relegated to a screen size that was obviously meant more for a tablet than for a desktop display. This might be a minor ding if you're just playing around with one or two digital currencies. But if you're intending to take advantage of Jaxx's support for 70 digital assets, then being able to see it on only a quarter of your overall screen space can really impact portfolio charting. This is one area in which Exodus is clearly ahead of Jaxx; hopefully, this will be addressed in the Jaxx Liberty beta version.

Security

Again, just like Exodus, security is a mixed bag at best for Jaxx. It's certainly a weak spot when compared to more safety-conscious cryptocurrency wallet makers, such as Coinbase Wallet or even Copay Bitcoin Wallet. Unlike Exodus, however, Jaxx has been around long enough to have its security become a problem when roughly $400,000 worth of digital currency was stolen. That caused some bad press and user questions, though the problems were eventually addressed according to the company's CTO in this Reddit post.

Still, the basic security features are all here. There's a PIN code for system access, though it's a four-digit numeric code, which should really be beefed up in this day and age to a full-on password, with support for uppercase and lowercase as well as special characters. Jaxx is also a hierarchical deterministic (HD) wallet, like BRD is. This means the system generates a new address every time you transfer funds, which makes it much harder for the bad guys to track you, thus protecting your overall privacy.

Where Exodus and Jaxx share security characteristics is more around what's not there than what is. Neither system supports two-factor authentication (2FA) or multi-signature support, which are both advanced security features that hardcore crypto-users have come to expect from more established platforms, such as Coinbase Wallet.

Overall, Jaxx is a solid cryptocurrencey wallet contender, and one of the leaders in our cryptocurrency wallets review roundup. However, this is predicated mainly on its relative maturity when compared to the much more recent Exodus, its long list of support digital currencies, and its broad platform support with the ability to pair devices. While it's easy to use, rank altcoin beginners will probably find life slightly easier with Exodus, while those interested only in Ethereum and (eventually) Bitcoin, will likely find the safety and ease of use of Coinbase Wallet more attractive.

Jaxx

Bottom Line: Jaxx is a cryptocurrency wallet that used to lead the pack when it comes to platform support, overall currencies supported, and ease of use. Since Exodus showed up, however, Jaxx has fallen to second place in most areas, except for platform support.